Bitcoin Sheds Another $200 Off Its Price

Bitcoin Sheds Another $200 Off Its Price

The price of bitcoin – the world’s number one cryptocurrency by market cap – has fallen to just over $6,800 at the time of writing following news that the oil market in America tanked two days ago.

Bitcoin Takes Another Tumble

Despite spending the last several days trading above the $7,000 mark – which it had crossed for the second time in a month – the digital asset that everyone has come to know and love is once again being affected by outside market commodities and has taken a turn for the worse. The good news is that the drop isn’t huge; while BTC had fallen to $6,700, it has since recovered more than $100.

An expiring oil futures contract set for May delivery ultimately fell into negative territory, marking the first time in history that such a contract has done so. Oil has been hit hard over the past month following an all-out war between OPEC and Russia after the latter nation said it was reluctant to potentially lower its daily oil barrel production rates. Both parties have since come to an agreement, but now it’s looking like the damage was done, as bitcoin wasn’t the only asset in need of medical care. Other cryptocurrencies, such as Ethereum, dropped by more than ten dollars in the span of an hour, leading to widespread uncertainty throughout the space. Read More...